Precious Metals

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB:GIDMF) (FSE: 6NN) ("Golden Independence") or (the "Company") is pleased to announce the filing of a National Instrument 43-101 technical report on SEDAR supporting the May 19, 2021 release of a maiden Mineral Resource Estimate ("MRE") for the Company's flagship Independence project located adjacent to Nevada Gold Mines' Phoenix-Fortitude mining operations in the Battle Mountain-Cortez trend of Nevada.

The MRE, incorporating over 125,000 feet of RC and core drilling in 234 holes, outlines both a near surface as well as an underground resource and was completed by James Ashton of Dyer Engineering and Carl Defilippi of Kappes, Cassiday & Assoc. with an effective date of May 19, 2021. Highlights of the MRE include:

  • Near Surface Resource: Measured & Indicated Total Resource of 537,300 ounces of gold and 8.1 million ounces of silver plus an Inferred Total Resource of 147,300 ounces of gold and 1.2 million ounces of silver.
  • Underground Resource: Inferred Resource of 796,200 ounces of gold.

The technical report has been prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves that establish definitions and guidance on the definitions for Mineral Resources, Mineral Reserves, and Mining Studies used in Canada. The Mineral Resource, Mineral Reserve, and Mining Study definitions are incorporated, by reference, into NI 43-101 - Standards of Disclosure for Mineral Projects.

There are no material differences between information disclosed in the Company's May 19, 2021 news release and the technical report.

Table 1: Independence Project - Mineral Resource Estimate

 Independence Near Surface Mineralization
Measured Resources
CutoffTonnesGrade (g/t)OuncesOunces Ounces
(gr. Au/tonne)GoldSilverGold Eq.GoldSilverGold Eq.
0.27,519,0000.509.800.64119,9002,369,600153,800
Indicated Resources
CutoffTonnesGrade (g/t)OuncesOunces Ounces
(gr. Au/tonne)GoldSilverGold Eq.GoldSilverGold Eq.
0.232,133,0000.405.590.48417,4005,775,700499,000
Measured & Indicated Resources
CutoffTonnesGrade (g/t)OuncesOunces Ounces
(gr. Au/tonne)GoldSilverGold Eq.GoldSilverGold Eq.
0.239,652,0000.426.390.51537,3008,145,300652,800
Inferred Resources
CutoffTonnesGrade (g/t)OuncesOunces Ounces
(gr. Au/tonne)GoldSilverGold Eq.GoldSilverGold Eq.
0.214,449,0000.322.620.36147,3001,219,100164,900
 
Independence Underground Mineralization
Inferred Resources
CutoffTonnesGrade (g/t)OuncesOunces Ounces
(gr. Au/tonne)GoldSilverGold Eq.GoldSilverGold Eq.
TBD3,794,0006.530.0006.53796,2000796,200

 

Notes to Mineral Resource Estimate:

  1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues. The CIM definitions (2014) were followed for classification of Mineral Resources. The quantity and grade of reported inferred Mineral Resources in this estimation are uncertain in nature ‎and there has been insufficient exploration to define these inferred Mineral Resources as an ‎indicated Mineral Resource. It is probable that further exploration drilling will result in upgrading them to an ‎indicated or measured Mineral Resource category.
  2. The Mineral Resource Estimate incorporates over 125,000 feet of reverse circulation and core drilling in 234 holes, and outlines both a near surface and an underground resource. The near surface mineralization is primarily based on the reverse circulation drilling, while the underground mineralization is based entirely on core drilling.
  3. The resource was prepared by James Ashton, P.E., an independent QP, with an effective date of May 17, 2021.
  4. The mineral resources are unconstrained and presented at an undiluted 0.20 g/t gold cut-off grade which represents mineralization that is potentially available for open-pit mining and heap-leach processing. There are sulfides present at depth in the near surface mineralization. The Company is undertaking metallurgical studies to define the redox boundary.
  5. Underground mineralization resources were quantified based on deep tabular solids representing potentially underground mineable lenses.
  6. Gold equivalent values are based on a silver to gold ratio of 70:1

Qualified Person

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, PGeo (B.C.), a director and president of Golden Independence Mining and a qualified person under National Instrument 43-101.

About Golden Independence Mining Corp.

Golden Independence Mining Corp. is an exploration company currently focused on exploring the advanced-stage Independence property located adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in the Battle Mountain-Cortez Trend of Nevada. The Independence property hosts a M&I resource of 537,300 ounces of gold and Inferred resource of 943,500 ounces of gold with a substantial silver credit. The Company is actively advancing the near-surface resource towards a production decision with a PEA anticipated in late 2021.

FOR FURTHER INFORMATION PLEASE CONTACT:

Christos Doulis, Chief Executive Officer
Telephone: 1.647.924.1083
Email: christos@goldenindependence.co

This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the Company, and include, without limitation, statements regarding completion of the Private Placement. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties: (i) the risk that the Canadian Securities Exchange will not accept the terms of the Private Placement; (ii) the risk that the Company will not be able to locate suitable purchasers for the Private Placement; and (iii) management's discretion regarding the use of proceeds. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88910

News Provided by Newsfile via QuoteMedia

us money with stock chart

Top Stories This Week: Gold Price Bounces Back, Experts Talk Recession Question

Weekly August 5youtu.be

After dipping briefly below the US$1,700 per ounce mark in mid-July, gold is bouncing back.

The yellow metal has made a big move since last week's US Federal Reserve meeting, nearly making it to US$1,800. It was back down around US$1,775 at the time of this writing on Friday (August 5) afternoon.

The Fed hiked interest rates last week by 75 basis points, as was widely expected by market participants. Major indexes have been on the rise, which Lobo Tiggre of IndependentSpeculator.com told me is unsurprising.

Keep reading...Show less
hand holding gold bar

VIDEO — Rick Rule: Glad to See Gold on Sale, "Solidly Bullish" on Uranium

Rick Rule Symposium 2022youtu.be

Gold has seen ups and downs this summer, but is solidly below its Q1 peak of over US$2,000 per ounce.

Speaking to the Investing News Network at the Rule Symposium in Florida, Rick Rule, the host of the event and proprietor at Rule Investment Media, said he sees the lack of interest in the yellow metal as positive.

"The fact that people are disinterested in gold, and disinterested in resources, I think is a wonderful thing because they're on sale," he explained, reminding listeners that he favors a contrarian approach to the markets.

Keep reading...Show less
front entrance to the Boca Raton resort

Rule Symposium 2022: Fed Can’t Fight Inflation and Recession at Same Time

The last week of July saw market experts, investors and company executives descend on Boca Raton, Florida, for the Rule Symposium, hosted by veteran investor and speculator Rick Rule.

The four day event, which ran from July 26 to 29, featured numerous panels, presentations and discussions about the current commodities cycle and what is driving the equity markets.

There was also rigorous discourse regarding the mode, drivers and factors causing inflation, as well as how central banks like the US Federal Reserve are responding with interest rate increases.

Keep reading...Show less
jim cramer

Is Gold a Buy? Jim Cramer Says Timing Looks "Perfect"

As volatility reigns supreme across equity markets, many analysts are saying that gold’s fall below US$1,800 per ounce means it’s a good time to buy before the price goes up.

Gold's dip under that threshold began at the beginning of July, and is the first time the yellow metal has slipped below and held at that level since late 2021. The decline comes after gold breached US$2,000 in early March.

Many market participants remain resolute that it’s only a matter of time before gold regains its lost momentum, and that sentiment was echoed on Wednesday (August 3) by well-known TV personality Jim Cramer during the "Off the Charts" segment of his “Mad Money” investing show on CNBC.

Keep reading...Show less
map of australia with gold nugget

Types of Gold Deposits in Australia

As the second largest gold-producing country in the world, Australia also boasts the largest gold mine reserves. In order to make more strategic decisions, investors will stand to benefit from understanding Australia's distinctive geography, specifically the types of gold deposits found in the country.

Australia has a rich history in mining. One of the biggest gold rushes took place in New South Wales, Australia in 1851, which later extended to the province of Victoria. Today, Victoria and its successful gold mines stand as some of the highest-yielding and high-grade resources. Victoria’s 13 goldfields have each produced over one million ounces of gold, most of which were from the world-class Fosterville deposit, Ballarat, Costerfield and Stawell.

Keep reading...Show less
Aben Resources

Aben Resources Closes Private Placement

Aben Resources Ltd.(TSX-V: ABN)(OTCQB: ABNAF) (Frankfurt: E2L2) ("Aben" or "the Company") is pleased to announce it has closed a non-brokered private placement financing for total gross proceeds of CAD $211,500 (the "Placement").

The Company has allotted and issued 6,042,857 units (the "Units") at a price of CAD $0.035 per Unit. Each Unit is comprised of one common share and one transferable warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional common share for a period of two (2) years at a price of CAD $0.05 per share.

Keep reading...Show less

Latest Press Releases

Related News

×